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6 entries

Sep 13, 2021 1:03:00 PM | LGT Beacon

LGT Beacon: Tactical asset allocation for Q4/2021

The macro outlook remains positive, but peak growth is behind us and the economic momentum will continue to slow to a more normal pace. At the same time, investors are pricing risky assets for a carefree future, and might thus prove susceptible to disappointments. In this situation, we combine a small overweight in risk assets with elevated cash reverses. 

Aug 18, 2021 2:05:00 PM | LGT Beacon

LGT Beacon: Entering the great transition

Inflation fears are easing and investors continue to reassess the growth outlook, as the economic rebound's momentum has peaked and monetary policy transits to a less expansionary setting. Ultimately, we expect growth to stabilize above trend, but the transition bears the risk of volatility spikes. We recently increased cash by reducing our gold position.  

Jul 14, 2021 2:07:00 PM | LGT Beacon

LGT Beacon: Peak growth to douse inflation scare

Equities remain buoyant, while interest rates have declined markedly, despite the occasional brief flare up of market volatility. Today, we examine the underlying macro trends and argue that the current inflation scare is probably peaking along with the economic recovery's momentum – an outlook that should ultimately put financial markets in a sweet spot.

Mar 31, 2021 2:20:00 PM | LGT Beacon

LGT Beacon: Tactical asset allocation for Q2/2021

The reflationary macro outlook remains intact, although investors have started to worry about the interest rate outlook and its potential impact in particular on the stretched parts of the market. Against this backdrop, we refrain from adding to our equity overweight at this point. Instead, we add exposure to emerging market debt and open a long NOK position.

Feb 24, 2021 10:10:00 AM | LGT Beacon

LGT Beacon: Reflation amid signs of market excesses

Recent political events have further reaffirmed the US commitment to sustained monetary and fiscal policy largesse, which has boosted inflation and growth expectations to desirable levels. At the same time, signs of speculative excesses in some market segments and one-sidedly bullish positioning point to the risk of further occasional setbacks.

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